Westpac reports fall in insurance earnings
Westpac’s insurance business reported $293 million in overall cash earnings for the year to September 30, down from $309 million the previous year.
General insurance cash earnings fell 20% to $94 million as income declined by $32 million because of higher claims, including from Cyclone Debbie.
Gross written premium grew 1% to $508 million.
Life insurance cash earnings increased 2% to $159 million and inforce premium grew 10% to almost $1.07 billion.
New business gained 10% to $234 million and lapses increased 5% to $139 million.